Oil prices increase due to OPEC’s possibilities of cutting output

Oil prices increased on Friday, boosted by OPEC’s possibilities of cutting output. Moreover, the trading was volatile as investors digested and ultimately shrugged off warnings from the head of the U.S. Federal Reserve about economic pain ahead.

Brent crude futures edged higher $1.65 to settle at $100.99 a barrel. U.S. West Texas Intermediate (WTI) crude futures increased 54 cents to settle at $93.06 a barrel. Both contracts increased and decreased by $1 throughout the session.

Brent gained 4.4 percent for the week, while WTI was set to rise 2.5 percent.